The businesses bought supplies on an account. To record the transaction
A an expense is debited, and a liability is credited
B an asset is debited, and an asset is credited
C an asset is debited, and a liability is credited
D none of the above

Question

The businesses bought supplies on an account. To record the transaction
A an expense is debited, and a liability is credited
B an asset is debited, and an asset is credited
C an asset is debited, and a liability is credited
D none of the above

pooja195 · Answer

$\huge\color{blue}{WELCOME~TO~OPENSTUDY}$

sleepyhead314 · Answer

bought supplies = increased Asset
bought "on account" = liability (what you owe to others is increased

note: when you debit something, something else must be credited (and vise versa)

sleepyhead314 · Answer

from what I gave what do you think? @Ayoung01

anonymous · Answer

Don't know

sleepyhead314 · Answer

I've mentioned two thing that should lead you to your answer :)
supplies = Asset
on account = Liability

sleepyhead314 · Answer

which option mentions both Asset and Liability?

anonymous · Answer

C?

sleepyhead314 · Answer

there you go :)